MANILA, Philippines — Listed sugar miller Victorias Milling Co. Inc. (VMC) saw its net income slightly decline to P556 million in the nine-month ended May amid lower revenues.
In a regulatory filing, the company said revenues dropped by 14 percent to P4.27 billion due to decline in sugar and tolling volume from changes in market demand.
VMC’s sugar milling business inched up by two percent to P4.4 billion despite lower sugar net production and early start of refinery operations.
Sales of molasses jumped 162 percent to P540 million. Distillery operations also went up 26 percent to P583 million.
The company’s distillery commenced operations only in January last year after completion of its expansion and dehydrator projects.
Power generation revenues, however, declined by 63 percent to P33.1 million.
VMC is engaged in integrated raw and refined sugar manufacturing with plant facilities in Negros Occidental.
It operates mill and refinery facilities for sugar and allied products, and engineering services. Its operating subsidiaries include Victorias Food Corp., Victorias Agricultural Land Corp., Canetown Development Corp., and Victorias Golf and Country Club Inc.